Sunday, November 8, 2009

SNL Skewers Goldman Sachs on H1N1

You have by now heard about the doses of H1N1 going to Goldman Sachs ahead of doctors offices and people who are really at risk. Even the ultra liberal SNL is now poking fun. Funny thing though no one is talking about the amount that went to
JP Morgan (the presidents favorite banker) or the other Wall Street banks getting it. I guess it may be because when they (JP Morgan) heard the heat was coming they quickly donated theirs.

The New York Times today has a piece calling Dimon "President Obama's favorite banker." In William D. Cohan's detailed account of the fall of Bear Stearns, there's a nice explanation of why Dimon might be so favored: Before he was the president's favorite, he was Tim Geithner's Knight in Shining Armani, the man who stepped away from his own star-studded birthday party to "save" Bear from a tulmultous, Lehman-like collapse.

That quick save has ultimately benefited JPMC, which has since also gobbled up Washington Mutual when it went into FDIC receivership -- an acquisition that some charge was political and
illegal. Is it convenience, politics, or necessity that pushed the nation's largest failed bank into the nation's largest bank's arms? Something tells me Mr. Dimon worked to make sure it was a combination.

As the NYT points out, Dimon was
a major contributor to the Democratic party in the last election -- to the tune of over $50,000 to the DNC, and the legal max to Hillary Clinton, Harry Reid, Chris Dodd, and, yes, Congressman Rahm Emanuel

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